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Vakomtek Q3 loss widens YOY

Vakomtek SA said its third-quarter normalized net income was a loss of 279,950 zlotys, compared with a loss of 62,850 zlotys in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 2.9% from negative 1.1% in the year-earlier period.

Total revenue increased 64.8% year over year to 9.6 million zlotys from 5.8 million zlotys, and total operating expenses increased 70.4% from the prior-year period to 9.9 million zlotys from 5.8 million zlotys.

Reported net income totaled a loss of 466,710 zlotys, or a loss of 6 groszy per share, compared to a loss of 109,860 zlotys, or a loss of 1 groszy per share, in the year-earlier period.

As of Nov. 12, US$1 was equivalent to 3.93 zlotys.